CEL, the native token of Celsius Network, has seen its price climb more than 62% to $0.5491 on September 23, 2024. Market capitalization also grew by more than 60%, reaching $20.71 million according to market data. In the last 24 hours, the trading volume of CEL was more than $24 million, an increase of over 84%.

Price Surge and Technical Indicators

This sharp rise follows months of volatility for Celsius. The trading chart shows an upward price trend after a long period of fluctuations that has brought in renewed demand for the token.

The Relative Strength Index (RSI) rose to 90.91, which indicates an overbought level. Typically, a reading above 70 suggests an asset is overbought and there could be a pullback.

Source: Tradingview

The Bollinger Bands widened considerably indicating a sharp price movement. The rapid expansion of the Bollinger bands would normally suggest a rapid rate of price volatility. CEL moved quickly through these bands, with the upper limit extending to $0.3735, far above its lower support level of $0.1753.

Renewed Interest in Celsius Network

The rally follows as interest in the Celsius Network has grown. Celsius filed for bankruptcy in July 2022. Celsius had recently started restructuring efforts and as part of its bankruptcy resolution, the company will return over $3 billion in assets to its creditors.

Celsius also spun off part of its operations into a new mining venture, Ionic Digital Inc. This new entity is poised to go public, a development that may be fueling the renewed interest in the Celsius network and its recent price surge.